crypto exchange Binance‘s ecosystem product BNB, mazarswithdrawal of and FTTHe is going through difficult processes because of the fear that he may be like
The ongoing bear trend in the crypto market creates strong drops at the slightest negative news. Recently, there has been a serious undermining of trust in the crypto industry. In particular, one of the world’s largest cryptocurrency exchanges FTX The bankruptcy of . In the efforts of crypto exchanges to regain trust, Binance took the lead role. However Binance, mazars It is going through difficult processes due to the withdrawal of . This is the ecosystem product of the stock market. BNBalso caused a price drop.
BNB Claims to Be Like FTT
Binancewith FTX The conflict between them put the crypto industry in a negative mood. although the event FTXAlthough it is seen as the fault of Binanceside also played a big part. BinanceCEO Changpeng Zhao, FTXHe did not hesitate to be a shareholder in the collapse of .
However, the bankruptcy of FTX and being the main subject in legal processes, Binance started difficult processes for Global regulators are beginning to think that cryptocurrency exchanges are creating an overall unsafe environment.
Binancefor proof of reserve mazarsWhile the agreement with the company created hope, the bad news that followed turned the situation around. mazars , sensationally reported that it will not audit the evidence of reserve. All these are the most Binance affected . Because the crypto exchange took the lead in the third audit. In the midst of this news, Binancein FTXIt was even claimed that he would suffer the same fate as
lasting about a week Binance FUD’s managed to hit the market hard. Bitcoin experienced a strong decline and with it, weakened the entire industry. On the other hand, the Binance product BNB, 25 percent It lost more than . The entire crypto industry, BNBof FTT He began to think that he was going to collapse. The air of fear gave way to panic. But the bad weather seems to pass and BNBentered the recovery process.
Can BNB Recover?
FTXecosystem product of FTTcompared to, BNB side has a stronger and more solid structure. The main reason for this is that cryptocurrency BNB Chain was also supported by Binance had great power by acting in two different structures at the same time. One of them was a centralized exchange service, while the other stood out as a decentralized party.
BNB Chain has become one of the most important blockchain structures representing the decentralized side. The most actively used network, approx. 1 million reached the attention of the user. Approximately 1 millionenergy source of user active network, Binance’s most cryptocurrency BNB is . Every transaction, every transfer and every trade BNBsupported by.
Having such a strong and effective ecosystem, Binance, BNBof FTT may not allow it to collapse. Moreover BNB ‘s collapse would mean $50 billion was wiped from the crypto industry. With the bad weather set aside, global markets BNBHe thinks he will recover.
BNB Chart, Price Analysis
The popular cryptocurrency, under the influence of the emerging air of fear, 264 dollarsfrom the levels $220 experienced a decline. A decrease of about 20 percent FTT brought out his memories. Investors are affected by the fear atmosphere in the market. 5 billiondollar BNB they made the sale. Also, on the other hand, BinanceMoney withdrawals were made from the platform.
So what did this situation do? Of course, investors were frightened and left the market. Because the global market and wealthy wallets, BNBHe thinks that demolition will not be possible for now.
BNB needs to maintain these levels to recover. Strong buying pressure from $220 led the price to climb as high as $248. On the other hand, the popular cryptocurrency aims to break the $260 resistance. If this resistance is broken, it could mean a positive mood for BNB to return and the price to walk towards $300.
If the fear, panic and critical mood continues, the downtrend for BNB may continue. In this case, the popular cryptocurrency has to strongly defend the $220 support. A break of this support could initiate a move to the main $200 support.
Also, anything is possible in the bear trend-dominated crypto market. FTX it showed. Therefore, investors need to act more carefully.